Wind turbine manufacturers - ranked by revenue 2019

In 2019, the China Shenhua Energy Company generated one of the highest revenues of any wind turbine manufacturer in the world at approximately 34.61 billion U.S. dollars. Vestas, headquartered in Denmark, had a lower revenue in the same year but held the largest global market share among the world’s leading wind turbine manufacturers in 2018 at roughly 20 percent.

Wind turbine power in China

In 2018, China led the way with a remarkable number of new installations increasing the country’s wind power capacity, and by far exceeding other frontrunners like the United States and Germany. The rapid growth of the Chinese market for wind energy is indicated by the high revenues, although many Chinese companies still hold a negligible market share, focusing mostly only on the domestic market. In contrast, the Chinese company, Goldwind, generated only a fraction of the revenue of Shenua, but holds one of the largest global market shares at over 10 percent.

International versus domestic markets

While even the largest Chinese wind turbine companies mostly operate on a national level, the Danish company, Vestas, maintains its large percentage of global market share due to its international profile. Vestas delivers large quantities of electricity to neighboring countries as well as overseas, with the United States receiving the highest amount of deliveries by far in 2019.

Revenue of selected wind turbine manufacturers worldwide in 2019 (in billion U.S. dollars)*

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Sources

Release date

May 2020

Region

Worldwide

Survey time period

2019

Supplementary notes

* Figures are for 2018 or most recent data available.

Vestas, Nordex, Siemens Gamesa, Senvion : Euros have been converted to U.S. dollars based on the December 31, 2019 rate where 1 EUR = 1.11986 USD.
GE Renewable Energy: The figure is taken from the company’s annual report (page 9).
United Power: The figure is taken from the company’s annual report (pdf page 25).
Vestas: This figure is taken from the company’s annual report (page 16).
Siemens Gamesa: Figures are for 2018. This figure is taken from the company’s report (pdf page u2).
Enercon: Figures are for 2018. This figure is taken from a press release.
Senvion: Figures are for 2017, from previous year. This figure is taken from the company’s annual report (page 49). The company is primarily a manufacturer of wind turbines and wind farms but the value includes revenue streams from the entire renewable energy segment (which includes i.e. solar and PV).
Nordex: This figure represents sales and is taken from the company’s annual report (pdf page U2).

Suzlon Energy: This figure is taken from the company’s annual results (page 13). The Indian Rupie has been converted to U.S. dollars where 1 INR = 0.014 USD(as of December 31, 2019). Figure is based on the company's fiscal year 2018/2019 (for the year ended March 31, 2019).

** Goldwind, China Shenhua Energy Company: Chinese yuan have been converted to U.S. dollars where 1 CNY=0.1431 USD (as of December 31, 2019).
Goldwind: This figure is taken from a company’s press release.
China Shenhua Energy Company: This figure is taken from the company’s annual report (page 10). The merger of Guodian and Shenhua was approved in August 2017.

The values have been rounded.
The list may not be complete.

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